Get an E-1 now (that student price is a killer!) and then grab an
E-300 (kit or just body) at a future price drop.

To be honest, I'd say get an E1 now, then in the more distant future, get the E3 (or whatever is >
>
10Mp) when the increase in megapixels really will make a difference and the increase in electronic performance gives us stuff like >
30 frame buffer, MUCH higher ISO with lower noise etc.

Now that I'm comitted to fourthirds hardware, this is going to be my approach. Upgrade when there is something so special that you'd be daft not to, but for now, I'm really, really happy with the E-1